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IPQ 6.0 Reveals South Zone Leads in Financial Security with 8 in 10 Urban Residents Insured | ||
Chennai, Tamil Nadu, India
Max Life Insurance Company Ltd. (“Max Life”/ “Company”) today unveiled the South zone findings of the sixth edition of its flagship survey, the India Protection Quotient Survey (IPQ)*, conducted in partnership with KANTAR, the world’s leading marketing data and analytics company. Tapping 4,700 respondents across 25 Indian cities, this widely inclusive survey uncovers urban India’s pulse on financial protection. Marking its 6th edition, the IPQ stands as one of the most comprehensive and long-running financial studies, covering varied cohorts, including Generation Z, women, and millennials, carrying forward the theme of ‘Protection for All’.
Prashant Tripathy, CEO and Managing Director, Max Life Insurance said, “South India’s urban population has set a great example by consistently making proactive strides in safeguarding their future by investing in life insurance. While the progress is reflected in the zone’s consistent leadership in financial preparedness, there remain areas of improvement necessitating initiatives that target underserved segments. This requires participation from all stakeholders to make insurance accessible and affordable for all."
South India-specific financial priorities and anxieties:
South India needs to be proactive about retirement planning Anxiety around prioritizing a family’s aspirations and financial independence in retirement has seen an increase in urban South India. Increasing medical expenses and family aspirations stand at 68 and 66, respectively, as compared to other regions. Savings for meeting the future needs of children remain key objectives for the urban south at 59; however, retirement planning took a backseat as compared to IPQ 5.0, which stood at 34.
South India leads in Term Awareness
* Findings represented here are as per the IPQ 6.0 survey and Max Life doesn’t assume responsibility or liability for any contradictions.
About Max Life Insurance Max Life is a Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the company website at www.maxlifeinsurance.com.
About Kantar
For more information, visit www.kantar.com. |
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